All Forum Posts by: Yonia B.

@Kyle Scully  the property tax ($917)  and the property Insurance ($833)  are both the monthly payments I would make on this property.  The insurance is actually high because it includes flood insurance, I just combined both liability and flood insurance together as one monthly payment.

@Isaura Orellana  you should try the PRO section of BP to promote your business and not impose yourself under the guise of trying to chime in on my post.  Its clear that you are trying to promote yourself and your business and that Amy Buckholder is a fake client.  None the less, best of luck to you!

Thanks everyone for your advise and pointers, I have definitely learned a lot and I am better prepared to go forward without feeling so nervous.  I will be implementing a lot of the ideas mentioned in this discussion.

@Chloey M. is not that cheap when you factor the money we will have to put into the building to renovate.  Like I said, it needs a new roof and all 6 apartments will have to be updated.  Also, the outside of the building needs painting.

@Rich Somers neighborhoodscout.com is so cool, thank you so much!

@David Eisen  I don't know about any code violations but I am glad you brought it up because now I will investigate it. Good point.

@Kyle Benham Okay I see, now is starting to make better sense and not seem "too good to be true" of a deal. So I will factor in $100 per unit for Capex. Thanks!

@Mark F. thanks Mark, that makes a lot of sense to work the numbers that way.

@Mark F. The insurance is including flood insurance. The flood insurance in NJ is really expensive. I am not questioning the price of the building because I know we have to put in money to update the units and a new roof as well. Our concern is that maybe we are doing the calculations wrong. Do you think we should put a higher percentage on maintenance and repairs? or on Capex? What have other BP investors done when purchasing an old building? What percentages do you budget in your numbers?

@Revathi Narasimhan  I will go this week and verify that this  property is a legal 6 unit apartments.